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Oracle Financials Cloud: Receivables 2016 Implementation Essentials

Question No: 51

Which three actions are facilitated through The Reconciliation Summary Report?

  1. Drill down from any of the summarized Receivables and Accounting amounts to see the detailed activity.

  2. Drill down on the difference amounts to see specific reconciling items and the potential cause of the out of balance condition.

  3. Drill down to see details of what still needs to be transferred and posted to the General Ledger.

  4. Drill down to see reconciliation details and make reconciling for corrections.

  5. Drill down to view the data and use standard Excel functionalities like sum, find, sort, and filtering WITHOUT downloading to Excel.

Answer: A,B,D

Explanation:

Note:

  • Payroll Reconciliation Summary Report, Oracle HRMS Payroll Processing Management Guide

    Generates payroll reconciliation summary report for a specific payroll or quick-pay run, or for a specific period. Run this report from the Submit Request window.

    Run the Payroll Reconciliation Payment Summary Report – Text to produce a text file. Run the Payroll Reconciliation Payment Summary XML process to produce a PDF/Excel file.

  • The Reconciliation Summary Report compares promises with payments and with broken promises. The report shows the following fields by schedule or by collector:

    • Number of promises to pay made

    • Promise to pay amount

    • Number of payments made

    • Payments amount received in currency

    • Number of broken promises

    • Amount in currency for broken promises

    • Number of open promises

    • Amount in currency for open promises

    Question No: 52

    Your Subledger Accountants are attempting to import their journals to the general ledger at the end of the period. The Journal import processes have completed with a warning and no Journals were generated. Which three steps would you take to troubleshoot this?

    1. Resend the transactions from the subledgers.

    2. Delete the related data on the GL interface table.

    3. Confirm that data was sent from the subledger.

    4. Verify the output of the Journal Import Request

    5. Run the Journal Import for all the group IDs.

    Answer: B,D,E Explanation:

    Note:

  • If you have only a few Journal Import errors, correct the errors from the Correct Journal Import Data widow, then rerun Journal Import on the corrected data.

  • If the number of Journal Import errors is high, delete all of the import data for your journal entry source and group ID. Correct the errors then repopulate the GL_INTERFACE table before rerunning Journal Import.

    Note 2:

    To import journal entries to General Ledger:

    1. Navigate to the Import Journals window.

    2. Enter the Source from which you want Journal Import to create journal entries.

    3. You can import data for the same or different sources in parallel by specifying a unique Group ID for each request. General Ledger imports data with the journal entry source and group ID combination you specify.

      If you do not specify a group ID, General Ledger imports data from the specified journal entry source with no corresponding group ID.

    4. Define the Journal Import Run Options.

    5. Choose whether to Import Descriptive Flexfields, and whether to import them with validation.

      If you choose not to create summary journals, you can Import Descriptive Flexfields along with your journal information. You can import descriptive flexfields With Validation and generate journals only when validation succeeds. Or, you can import descriptive flexfields Without Validation and generate all journals.

      Warning: Importing descriptive flexfields without validation may cause problems when modifying journal lines. If you import descriptive flexfields with errors, you may corrupt the journal lines to which they refer.

    6. Enter a Date Range to have General Ledger import only journals with accounting dates in that range. If you do not specify a date range, General Ledger imports all journals data.

    7. Choose Import to submit a concurrent process to import journals. General Ledger names the resulting batch as follows: lt;REFERENCE1gt; lt;Sourcegt; lt;Request IDgt;: lt;Actual Flaggt;

      lt;Group IDgt;; for example, 587-C Payables 18944: A 347.

    8. Review the Journal Import Execution Report to determine the number of errors in the import data, and how to correct any Journal Import errors.

    Question No: 53

    An Invoice with an original balance of $100 has a receipt application for $75. The Collector enters a dispute for $50 for this invoice and submits it for approval. Select the valid statement.

    1. A Credit Memo for $50 will be created.

    2. A Credit Memo for $25 will be created.

    3. A Credit Memo will NOT be created, because the disputed amount is greater than the invoice balance.

    4. A Credit Memo for $50 and a Debit Memo for $25 will be generated.

    Answer: D Explanation:

    Note: Processing a collections dispute allows the collector to record and request a dispute based on various sections of the customer#39;s transaction. The dispute process allows the collector to select a transaction, along with the appropriate section and reason for the dispute, then submit the dispute for processing. The dispute is forwarded to the appropriate levels of approval in the BPM Worklist Credit Memo Request Approval process. If the dispute is approved, the appropriate credit memo is created automatically. You can only submit one dispute at a time. For example, if you are disputing tax and shipping on the same transaction; the tax would be one dispute and shipping a different dispute.

    Note: Credit Card Chargebacks: Explained

    A customer may request a refund for all or part of a previously remitted credit card receipt directly with the credit card issuer.

    Under this procedure, the credit card issuer credits the customer account for the disputed amount, deducts the amount from your merchant bank account, and notifies you that a credit card chargeback took place.

    Question No: 54

    What are the three Multiple Receipt Creation Methods available?

    1. Manual receipt creation

    2. Standard remittance

    3. Lock box

    4. Automatic

    5. Factor remittance

    Answer: B,D,E Explanation: Note:

    In Receivables, you can apply a receipt to an open debit item before cash is actually received from the bank. Therefore, receipts with a Standard remittance method are considered receipts at risk if they have been confirmed, but not yet cleared. Receipts with a Factored remittance method are at risk if they have not yet been risk-eliminated.

    Question No: 55

    The Accounts Receivables Specialist reviews receipt with a status of Pending from the Review Customer Account Details UI in the Receivables work area. She has to reverse a particular receipt.

    What action does she take?

    1. Navigate to the Create Automatic Receipts UI the receipt, and create a debit memo.

    2. Navigate to the Create Receipts UI and create a new receipt for the customer.

    3. Navigate to the Manage Receipts UI, reverse the receipt, and create a credit memo.

    4. Navigate to the Manage Receipts UI, reverse the receipt, and create a debit memo.

    Answer: C Explanation:

    Note:

  • Reverse Receipt

    You can use this action to reverse receipts or refunds. This action raises a business event, reverses the receipt, reopens the original transaction, and removes payment

  • When you reverse a receipt, Oracle Fusion Receivables automatically creates reversal journal entries in the general ledger and reopens all of the debit and credit items that were closed by the receipt.

    You can reverse a receipt that was applied to transactions with adjustments or chargebacks, provided the adjustments and chargebacks have not posted to general ledger

    Question No: 56

    A few transactions have resulted in an error during the Autoinvoice import process. What should use to correct these transactions?

    1. Manage Transactions

    2. File Based Data import

    3. ADFDI

    4. Incomplete Transactions

    Answer: A

    Question No: 57

    The Billing Specialist has entered an invoice in a foreign currency. After completing the invoice she realized that she has to adjust the conversion rate on the transaction. The invoice is already paid and has a receipt applied to it. Which is the setup that is NOT relevant to the Billing Specialist?

    1. Adjust the conversion rate.

    2. Incomplete the transaction.

    3. Reverse the transaction.

    4. Recreate the transaction at a new rate.

    Answer: D

    Explanation: Duties assigned directly and indirectly to the job role Billing Specialist include:

  • Adjustment Approval Duty

    Approves adjustments to invoices and receipt write-offs.

  • Bill Adjustment Duty

    Processes all customer billing adjustments, including adjustments to customer accounts, conversion rate adjustments (not A), and automatic adjustments.

    Question No: 58

    A dunning letter issued at the customer business operational-level includes which transactions?

    1. Only account level transactions.

    2. Only customer-level transactions

    3. Only bill-to-location-level transactions

    4. Customer-, account-, AND bill-to-location level transactions

    Answer: D

    Explanation: What#39;s the difference between customer, account, and site at the Business Level?

    Transactions set at the customer level to view or modify, encompasses all of the transaction activity associated with the customer. For example, a dunning letter at the customer level is inclusive of transactions at the customer and account level.

    Transactions set at the account level to view or modify, are for a particular account and include transactions for all the bill-to sites under that account.

    Transactions set at the site level to view or modify, are specific to the bill-to location.

    Reference: Oracle Fusion Applications Financials Implementation Guide, What#39;s the difference between customer, account, and site at the Business Level?

    Question No: 59

    Which two display columns that impact the Collections Dashboard are defined in the Global Setup Preference Region?

    1. Display of open transactions

    2. Display of customer profile

    3. Default exchange rate

    4. Default transaction class

    5. Display of closed receipts

    Answer: A,D

    Explanation: Selections made in the Global Preference region impact the view the collectors see from the Collections Customer Work Area and Collections Dashboard. Global Preferences define the following:

    ->Display of open transactions

    ->Default transaction class that appears

    ->Display of closed transactions

    ->Number of days for prior and future transactions to be displayed

    ->Default aging method

    ->Delimiter used to separate data and the number of characters required to do a search

    Reference: Oracle Fusion Applications Financials Implementation Guide, Global Preferences

    Question No: 60

    You have created a sales invoice for $900 USD with an item line of $750 USD and a tax rate of 20%. The customer has made a payment of $500 USD and you are required to process the cash application to apply the $500 USD to the item line and $0 USD to tax. How would you achieve this?

    1. Set the credit classification revenue recognition policy to look for Line First and Tax Later.

    2. Set Application Rule Set to Line First-Tax After at the transaction type level and/or a default value at system options.

    3. Create a Memo Line or receivable activity to have the check box selected for Apply item Line First.

    4. Set Application Rule Set to Line First-Tax After at the transaction source level and/or a default value at receipt method.

    5. Set the payment terms revenue recognition policy to look for Line First and Tax Late.

    Answer: A

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